The Breakout RSI Forex indicator for Metatrader 5 provides laser-sharp trade entry points in both trending and sideways moving currency markets.
This indicator is designed to perform well across any time frame of your preference and suits scalpers, day traders and swing traders.
A trading signal is generated when the indicator crosses back below the overbought level from above, or back above the oversold level from below.
- The market is oversold when the RSI Breakout indicator reaches the 20 value.
- The market is overbought when the RSI Breakout indicator reaches the 80 value.
The indicator includes several inputs and parameters, such as RSI period, overbought level, oversold level, and more.
We recommend gaining confidence in the Breakout RSI indicator by testing it extensively on a demo account before using it with real funds.
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The picture below illustrates how the Breakout RSI indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs Using The Breakout RSI Indicator?
Find a simple trading strategy below:
- Buy condition: the market trend should be clearly pointing upward.
- Initiate a buy market order when the RSI breakout indicator crosses back above the oversold level from below.
- Close the buy transaction when the RSI breakout indicator reaches the overbought level.
- Alternatively: await a sell signal to close the buy trade.
- Sell condition: the market trend should be clearly pointing downward.
- Initiate a sell market order when the RSI breakout indicator crosses back below the overbought level from above.
- Close the sell transaction when the RSI breakout indicator reaches the oversold level.
- Alternatively: await a buy signal to close the sell trade.
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Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the breakout-rsi.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration